Marc De Oliveira
About Marc De Oliveira
Marc A. De Oliveira serves as Secretary and Chief Legal Officer of ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) and has held this role since 2023; he is also Associate General Counsel at Franklin Templeton (since 2020) and previously was Managing Director (2016–2020) and Associate General Counsel (2005–2020) at Legg Mason & Co. . Birth year is 1971; EMO filings listing executive officers do not provide education details . During his tenure, EMO reported strong recent performance: for the six months ended May 31, 2024, total return was 18.20% based on NAV and 26.50% based on market price .
Fund performance snapshot during tenure (most recent semiannual):
| Metric | Period End | Value |
|---|---|---|
| Total return (NAV) | 6 months ended May 31, 2024 | 18.20% |
| Total return (Market Price) | 6 months ended May 31, 2024 | 26.50% |
| NAV per share (end of period) | May 31, 2024 | $44.39 |
| Market price (end of period) | May 31, 2024 | $42.20 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Franklin Templeton | Associate General Counsel | 2020–Present | — |
| Legg Mason & Co. | Managing Director; Associate General Counsel | 2016–2020; 2005–2020 | — |
External Roles
| Organization/Entity | Role | Years | Notes |
|---|---|---|---|
| Certain funds associated with Legg Mason & Co. or its affiliates | Secretary and Chief Legal Officer | Since 2020 | Fund-complex roles alongside Franklin Templeton responsibilities |
| Certain funds associated with Legg Mason & Co. or its affiliates | Assistant Secretary | Since 2006 | Fund-complex roles |
Fixed Compensation
| Component | EMO Fund Policy | Evidence |
|---|---|---|
| Base salary | Officers of the Fund receive no compensation from the Fund | DEF 14A (2025): “Officers of the Fund receive no compensation from the Fund…” |
| Cash bonus | Not paid by the Fund | DEF 14A (2025) |
| Perquisites reimbursed by EMO | Officers may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings | N-2ASR (2025) |
Note: As is typical for closed-end funds, EMO officers are employees of the adviser/affiliates; any salary/bonus paid by Franklin Templeton is not disclosed in EMO filings .
Performance Compensation
| Incentive type | Metrics/weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Fund-paid annual bonus | Not applicable (no officer compensation from EMO) | — | — | — | — |
| RSUs/PSUs issued by EMO | Not applicable (EMO does not grant equity awards to officers) | — | — | — | — |
Equity Ownership & Alignment
| Item | Detail | Evidence |
|---|---|---|
| Total beneficial ownership | 0 shares (“No securities are beneficially owned.”) as of initial Form 3 filed 09/13/2023 | Form 3 (09/13/2023) |
| Ownership as % of shares outstanding | 0% implied by zero holdings | Form 3 (no securities beneficially owned) |
| Vested vs. unvested shares | Not applicable (no holdings or EMO equity awards) | Form 3 |
| Options (exercisable/unexercisable) | None disclosed for EMO officers | Form 3 (no derivative securities listed) |
| Shares pledged as collateral | Not disclosed | — |
| Stock ownership guidelines (officers) | Not disclosed in EMO filings | DEF 14A (officer section) |
Employment Terms
| Term | Detail | Evidence |
|---|---|---|
| Current title | Secretary and Chief Legal Officer | DEF 14A (2025) |
| Start in current role | Since 2023 | DEF 14A (2025) |
| Election/term | Executive officers are elected each year at a regular Board meeting to hold office until successors are elected and qualified | DEF 14A (2025) |
| Compensation from EMO | None; only reasonable out-of-pocket travel expenses may be reimbursed for Board meetings | DEF 14A (2025) ; N-2ASR (2025) |
| Employment agreement, severance, change-of-control | Not disclosed for EMO officers | DEF 14A (officer section) |
| Agent for service/signatory roles | Signed EMO 8-K as Secretary and CLO (Jan 29, 2024) | 8-K signature |
Investment Implications
- Alignment and trading signals: Form 3 shows zero beneficial ownership, limiting direct “skin-in-the-game” alignment and minimizing insider selling pressure risk for EMO shares .
- Pay-for-performance link to EMO: Officers receive no EMO-paid compensation and no EMO equity awards, so compensation outcomes for the CLO are primarily tied to Franklin Templeton, not to EMO’s NAV/market performance .
- Retention/contract risk: EMO filings do not disclose employment agreements, severance, or change-of-control economics for fund officers; retention risk and incentives are largely a function of Franklin Templeton employment terms, which are outside EMO disclosures .
- Governance/execution context: As legal chief, De Oliveira’s role centers on regulatory, disclosure, and governance execution rather than portfolio strategy; during his tenure, EMO reported robust recent total returns (6 months ended May 31, 2024: +18.20% NAV, +26.50% market price), but these outcomes are driven by investment management rather than officer pay design .